MONROE - The Green County Board of Supervisors Wednesday combined outstanding debts and the remaining cost of the justice center into one 20-year-bond.
The county owed about $2 million for the 2004 radio project and previous capital projects done in 2005. The county intends to borrow about $7.6 million to pay for the final cost of the justice center, which is about $12.6 million.
The county board voted 25-2, with John Glynn and Joe Cousin dissenting, to combine both amounts to issue bonds for about $9.6 million. Both Glynn and Cousin have expressed opposition to the justice center in past meetings.
The bonds will be sold Oct. 21.
Green County sold $5 million in bonds in November to pay for a portion of the justice center.
The board was told it would save money in the long run if it combined the previous debt with the total cost of the justice center because interest rates will keep the costs down.
The board learned that if it adopted the plan to combine all debts into one it would cost the county about $1.2 million a year for the next 20 years to pay off the debts.
That yearly amount is what the county planned for when it began to look at the total cost of the justice center. The yearly amount will be paid for with money earned from the half percent sales tax, collected every year.
The county raises about $2 million in additional sales tax each year.
The county owed about $2 million for the 2004 radio project and previous capital projects done in 2005. The county intends to borrow about $7.6 million to pay for the final cost of the justice center, which is about $12.6 million.
The county board voted 25-2, with John Glynn and Joe Cousin dissenting, to combine both amounts to issue bonds for about $9.6 million. Both Glynn and Cousin have expressed opposition to the justice center in past meetings.
The bonds will be sold Oct. 21.
Green County sold $5 million in bonds in November to pay for a portion of the justice center.
The board was told it would save money in the long run if it combined the previous debt with the total cost of the justice center because interest rates will keep the costs down.
The board learned that if it adopted the plan to combine all debts into one it would cost the county about $1.2 million a year for the next 20 years to pay off the debts.
That yearly amount is what the county planned for when it began to look at the total cost of the justice center. The yearly amount will be paid for with money earned from the half percent sales tax, collected every year.
The county raises about $2 million in additional sales tax each year.
